It was WRT CPU power. I remember having to use some specially compiled for 486 player to just barely be able to play mp3s. Before that on my 386-40 I was below real time.
I'm pretty sure this is what I was using:
http://packages.debian.org/squeeze/mpg123-oss-i486
This was the days long before P2P, using binaries usenet groups. Or ripping songs yourself, which took quite a long time indeed (like 10 or 15 minutes per song?)